In early May 2025 a row erupted in South Africa’s small-cap mining world when Mantengu Mining — a Johannesburg-listed junior miner led by CEO Mike Miller — publicly accused the Johannesburg Stock Exchange (JSE) and rival operators of being involved in an organised effort to drive down Mantengu’s share price. The dispute quickly escalated into criminal complaints, regulatory inquiries, press statements and cross-litigation threats involving Mantengu, Liberty Coal and market regulators. Here’s a clear, sourced summary of the dispute, the claims, and the official findings to date.
The allegations: what Mantengu says happened
Mantengu’s management alleges that from late 2023 and into 2024 a “centrally controlled, tightly run and fronted syndicate” executed a coordinated campaign — including alleged naked short selling and other illicit trading — designed to depress Mantengu’s share price and derail a strategic acquisition (the purchase of the Blue Ridge PGM project). Mantengu filed a criminal complaint that names JSE executives and certain market participants and says the exchange ignored warnings and, at times, blocked company communications intended to alert shareholders. Mantengu has published SENS announcements and a summary of its criminal complaint to set out its case publicly.
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Responses from the JSE and Liberty Coal
The JSE rejected the allegations as “vexatious and without any merit,” saying its staff will not be dragged to court over the dispute and denying involvement in any market rigging. Liberty Coal — named by Mantengu in its public statements — also denied any wrongdoing and has threatened or launched legal responses claiming defamation and seeking damages. In short: Mantengu’s claims provoked swift denials and counter-threats from the parties it accused.
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The regulator’s probe and its findings
Because the allegations related to prohibited trading practices, South Africa’s market conduct regulator, the Financial Sector Conduct Authority (FSCA), opened an investigation. In May 2025 the FSCA released a statement saying its investigation found no evidence to support Mantengu’s allegations of naked short selling and price manipulation and that it would not be taking enforcement action based on the matters it examined. That conclusion — that the FSCA did not find proof of illegal trading — is the most significant official finding to date.
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Mantengu’s leadership publicly contested the scope and completeness of the FSCA probe, saying the inquiry was too narrowly framed and that the company had not yet received the full report or that certain lines of inquiry were not pursued to Mantengu’s satisfaction. That dispute over the investigation’s thoroughness has kept the controversy alive in public discourse.
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Key timeline (short)
Late 2023–early 2024: Mantengu says it began seeing unusual trading activity around its stock and sought to warn the market.
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May 2025: Mantengu filed a criminal complaint and issued SENS announcements describing alleged manipulation and naming JSE executives and other market actors. The JSE publicly rejected the allegations.
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May 2025: The FSCA completed an inquiry and announced it had found no evidence of naked shorting or price manipulation warranting enforcement. Mantengu disputed elements of the FSCA announcement.
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May–June 2025: Liberty Coal threatened or launched defamation litigation seeking damages; public back-and-forths continued in the press.
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What each side claims and the evidence question
Mantengu: Asserts the existence of coordinated, fronted syndicates and alleges exchange staff compounded the problem by not acting on warnings and — in some instances, it claims — by blocking company SENS notices. Mantengu has published documentation and a “summary of criminal complaint” that it says supports its narrative.
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JSE & Liberty Coal: Say they have seen no verifiable evidence from Mantengu that proves organised market manipulation by named parties. The JSE called the complaints without merit; Liberty Coal has accused Mantengu’s CEO of defamatory behaviour and sought civil redress.
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FSCA / regulator: After a formal review, the FSCA said it found no evidence of illegal trading practices in the matters it examined and would not pursue enforcement action. Regulators often publish summaries of scope and findings; Mantengu argues those summaries leave out key material it provided or lines of inquiry it wanted pursued further.
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Market-structure context — why these accusations are serious
Allegations of naked short selling or exchange collusion strike at the heart of market integrity. If proven, such conduct would undermine investor confidence, distort price discovery for small caps and harm minority shareholders. Regulators worldwide treat naked shorting and deliberate market manipulation seriously because they can create cascading losses and impede fair access to capital. That is why both the public nature of Mantengu’s complaint and the FSCA’s formal review drew intense media and investor attention, even though the regulator’s published conclusion did not substantiate the accusations. (Regulatory findings carry weight; where a regulator finds no evidence, it usually reduces the likelihood of immediate enforcement action but does not always end private litigation or reputational damage.)
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Likely next steps and what to watch
Legal exchange: Expect litigation and defamation suits to continue or be clarified in court filings. Liberty Coal has already signalled civil action; Mantengu has signalled it will pursue criminal avenues. Watch court dockets and SENS announcements for formal filings.
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Regulatory transparency: Mantengu has asked for the full FSCA report; whether the regulator publishes more detail or whether Mantengu pursues judicial review of the FSCA process could determine whether the matter stays in the headlines.
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Market reaction: Small-cap stocks with low liquidity remain vulnerable to volatility. Independent forensic trading analyses (if produced) would be the most persuasive public evidence either way.
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What this means for investors and listed companies
For retail and institutional investors: allegations of market manipulation raise immediate flag risks — but regulatory findings matter. The FSCA’s public statement that it found no evidence reduces the likelihood of imminent enforcement, though private litigation and reputational fallout can still affect share prices.
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For listed companies: maintain careful documentation of suspected trading anomalies, promptly inform regulators, and follow SENS/continuous disclosure rules. Publicly airing disputes may be necessary to protect shareholders, but it also brings reputational and legal pushback.
Bottom line
The Mantengu–JSE–Liberty Coal dispute is a high-stakes small-cap controversy that combines market-structure concerns with courtroom posturing and intense public statements from all sides. Mantengu’s accusations prompted a formal FSCA probe and aggressive denials from the JSE and Liberty Coal; the FSCA’s published conclusion was that it found no evidence of naked short selling or manipulation in the portions of the matter it investigated. That official outcome significantly shapes the immediate legal and market landscape — but disagreements over investigative scope, outstanding private litigation and strong public claims mean this episode may continue to evolve.
Mantengu Mining and Liberty Coal Accuse JSE of Share Manipulation